The global Metaverse Market for Automotive is projected to grow from USD 1.9 Billion in 2022 to USD 16.5 Billion by 2030, at a CAGR of 31.4%. Factors such as rising use NFTs in the virtual space, inexpensive and convenient manufacturing and testing of vehicles in the virtual space will boost the demand for the metaverse market in automotive. The Metaverse Market for Automotive is dominated by established players such as NVIDIA (US), Roblox Corporation (US), Unity Technologies (US), Meta Platforms Inc. (US), and WayRay (Switzerland). They develop products and provide service offerings for the automotive metaverse ecosystem. They have initiated partnerships to develop their metaverse technology and provide finished products and services to their respective customers in the Metaverse Market for Automotive.
Developments in technologies like XR hardware and software, digital twin and showrooms in virtual spaces, Blockchain and NFTs, among others. OEMs like BMW Group (Germany), Hyundai Motor Company (South Korea), and Volkswagen AG (Germany) have partnered with these companies to develop their brands through the metaverse ecosystem. BMW Group for instance, has been working with NVIDIA to develop an automotive design and factory setup in the metaverse, which can work with real-life factories. The opportunities in adjacent markets, such as VR, AR, XR, AI, and AR/VR hardware and peripherals, open new revenue prospects for the metaverse market in the automotive industry. Peripheral technologies like IoT, 5G and Cloud computing have revolutionized the incorporation of metaverse related technologies on the infrastructural level in the Metaverse Market for Automotive. Various data-intensive metaverse applications, both individual as well as B2B, are emerging, such as AR, VR, and video applications. 5G networks deliver an enhanced broadband experience of up to 1 Gbps and <10 Ms latency and provide the platform for cloud and AI-based services. IoT benefits from having computing power closer to where the data source exists. The edge devices collect the data and process it in real-time without the intervention of other network parts. The manufacturing and industrial sectors heavily use AR and VR to facilitate training and predictive maintenance. Cloud offers self-service provisioning, enhanced performance and productivity, and increased speed. Businesses may choose service models completely dependent on business requirements to adhere to these benefits. The SaaS model has the highest adoption rate currently due to various advantages.
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The adoption of metaverse solutions is expected to be the highest in North America compared to other regions. North America, being technologically advanced and developed in the software field, is the leading market in terms of developing cutting-edge technologies used in display devices. Further, the rising expenditure of companies and individuals on digital solutions and advanced technologies also boosts the market growth. US has many players in the software and hardware segment, which contribute to the metaverse market and is the largest player in the North American region. The Middle East & Africa can become the fastest growing metaverse market for automobiles during the forecast period because many automobile manufacturers in the region are incorporating metaverse-related solutions and are investing in the metaverse sector.
In the APAC region China is expected to become the largest and the fastest growing player in the Metaverse Market for Automotive. Automotive manufacturer Porsche has opened a new Porsche Centre in the Dongguan province of China, which will offer VR technology to users and customers. Japan’s biggest automotive players like Nissan, Toyota, and Honda are also working to incorporate metaverse-based solutions. South Korea-based automotive giant, Hyundai, is working with Unity technologies to develop a digital twin of a factory in the virtual space. Software products are expected to be the fastest-growing market in Asia Pacific during the forecast period. Many India-based start-ups like CarzSo, Hyperlink Infosystem, XR Labs, and XR Central are rapidly growing their software solutions and services for the metaverse software industry in India and in Asia Pacific. Nissan has also launched Invisible-to-Visible (i2V), which lets the drivers connect to the metaverse. Lexus, a subsidiary of Toyota, has launched its new Lexus NX car with a unique metaverse experience and an exceptional NX NFT Artwork. Toyota also launched an AR tool with which users and customers can feel an all-new immersive experience of their vehicles.
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